basic life insurance
DESCRIPTION
Insurance Education Part #4. Basic Life Insurance. Basic Life Insurance. Features $3,000 term life insurance Employees enrolled in any health plan eligible are covered Premium paid by employer Dismemberment benefits. Insured by The Hartford. Insurance Education Part #4. - PowerPoint PPT PresentationTRANSCRIPT
Basic Life Insurance
Insurance Education Part #4
Basic Life Insurance
Features•$3,000 term life insurance•Employees enrolled in any health plan eligible are covered
•Premium paid by employer•Dismemberment benefits
Insured by The Hartford
Optional Life Insurance
Insurance Education Part #4
Optional Life Insurance
Features•Maximum coverage level of $500,000
•Premium based on: Level of coverage Age as of previous December 31st
•Benefit amount reduced at age 70 for active employees and retirees
•Portable
Insured by The Hartford
First $50,000 of coverage pretax No medical evidence needed if enrolled within 31 days of employment
Coverage - three times salary, rounded down to nearest $10,000 increment, or $500,000, whichever is less
(cont.)
Insured by The Hartford
Optional Life Insurance
•Accidental death benefit (double)•Seat belt rider with 25 percent additional benefit
(cont.)
Insured by The Hartford
Optional Life Insurance
•“EstateGuidance” benefit Employee must be actively at work one full day for benefit to become effective
For more information go to: www.EstateGuidance.com/wills
(promotional code - HFD1877)
(cont.)
Insured by The Hartford
Optional Life Insurance
Travel Assistance Program benefits Education and daycare benefits Felonious assault benefits Dismemberment benefits
(cont.)
Insured by The Hartford
Optional Life Insurance
Living benefits up to 80 percent of coverage amount if employee’s life expectancy is one year or less
Premium waiver for one year with disability
Employee must be actively at work for coverage to be effective
(cont.)
Insured by The Hartford
Optional Life Insurance
Beneficiary•Designate beneficiary by legal name
•May make estate or trust beneficiary
•Designate percentage amountsfor multiple beneficiaries
Insured by The Hartford
Optional Life Insurance
•May change beneficiary throughout year by completing: A paper-copy NOE or An online NOE by visiting EIP’s Web site:
www.eip.sc.gov And click on:
“MyBenefits”
(cont.)
Insured by The Hartford
Optional Life Insurance
Dependent Life Insurance
Insurance Education Part #4
Insured by The Hartford
Dependent Life Insurance
Spousal Coverage•New hire can enroll his/her spouse for $10,000 or $20,000 if spouse is Not employed by state insurance program participating employer and
Not covered by state insurance program participating employer
•Can apply for additional spousal coverage with medical evidence of good health Cannot exceed 50 percent of employee’s Optional Life Insurance coverage or
Up to $100,000 maximum
(cont.)
Insured by The Hartford
Dependent Life Insurance
•Employee must be actively at work for coverage to be effective
•Spousal premiums based on employee’s age and amount of coverage
(cont.)
Insured by The Hartford
Dependent Life Insurance
•Employee is beneficiary•Accidental death and dismemberment benefits
•Suicide exclusion applies
(cont.)
Insured by The Hartford
Dependent Life Insurance
Child Coverage•$15,000 per child•Premiums: $1.24 per month, regardless of number of children covered
•Can enroll eligible children throughout year without medical evidence of good health
Insured by The Hartford
Dependent Life Insurance
Covers listed dependents only
Employee is beneficiary No double indemnity benefits Employee must be actively at work for coverage to be effective
(cont.)
Insured by The Hartford
Dependent Life Insurance
Basic Long Term Disability Insurance
(BLTD)
Insurance Education Part #4
Features•Available to employees enrolled in any health plan
•Premium paid by employer•BLTD income taxable•62.5 percent benefit, up to $800 maximum per month
Insured by Standard Insurance Company
Basic Long Term Disability Insurance
•90-day waiting period•Subject to pre-existing condition•Two-year limit on “Own Occupation” disability At end of two years – reviewed for “Any Occupation” definition for permanent disability
•24 month mental health disability
(cont.)
Insured by Standard Insurance Company
Basic Long Term Disability Insurance
•Benefit amount reduced by deductible income including: Workers’ Compensation Social Security benefits Sick leave pay SCRS state retirement income
(cont.)
Insured by Standard Insurance Company
Basic Long Term Disability Insurance
Supplemental Long Term Disability
Insurance(SLTD)
Insurance Education Part #4
Features•Premium based on monthly salary, plan chosen and age
•Employee pays total premium•65 percent of monthly salary up to $8,000 per month maximum
•Choice of two plans: 90-day or 180-day waiting period before benefits begin
Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance
•Benefit amount reduced by Workers’ compensation, Social Security, sick leave pay, BLTD benefit and SCRS income
•Minimum benefit of $100•SLTD income not taxable
(cont.)
Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance
Exclusions and Limitations•Pre-existing condition•Own occupation/any occupation disability
•24-month maximum mental health disability
•Conversion available
Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance
Maximum Benefit Period
Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance
Age at Disability Maximum Benefit Period•Age 61 or younger To age 65 or 3 years, 6 mo.
longer•Age 62 3 years, 6 months•Age 63 3 years•Age 64 2 years, 6 months•Age 65 2 years•Age 66 1 year, 9 months•Age 67 1 year, 6 months•Age 68 1 year, 3 months•Age 69 and older 1 year
Lifetime Security Benefit•Extends SLTD benefits indefinitely for disabled employees who: Suffer severe impairments, making them unable to perform two or more activities of daily living (i.e. bathing, dressing, continence, toileting, transferring and eating)
Insured by Standard Insurance Company
Supplemental Long Term Disability Insurance
Factor x Salary = Premium
Monthly Premiums(Based on employee’s age as of
preceding January 1st)
Plan Two (180 days)
Plan One (90 days)
• Younger than 31• 31-40• 41-50• 51-60• 61-65• 66 and older
.00050
.00069
.00137
.00277
.00333
.00406
.00065
.00089
.00179
.00360
.00433
.00528
Age
Supplemental Long Term Disability Insurance